Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0766%/8h= +83.9% APRpaid last 24h +0.238%

Price spread now: edgeX against Hibachi+0.147%66s7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs+$102as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.666% of the position

Long on Hibachi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.686%+$169 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now +0.147%, 7d avg +0.071%

Together, before fees+1.486%+ Points / potential airdropHibachi: Active · edgeX: Active · farm board+$149 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and edgeX is 0.076% dearer against Hibachi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.071%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.799	−0.0680	get 0.0085% / 1h	50m 08s	$193K	$229K	7x
Short	edgeX HYPEUSDC	92.935	0.0086	get 0.0043% / 4h	3h 50m	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HibachibpFee edgeXbpOrdersPrice spread, now +0.147%Rate

Funding earned: $160.93
Price spread: +0.147% → +0.071%: $7.61
Slippage, 4 orders: −$48.6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $101.94
Costs to cover: 0.666%
Break-even: 2.6 days

Slippage from Hibachi: live order book, 4 min ago; edgeX: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hibachi live order book, 4 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	147.5 bp −$14.8K	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-Plong	−0.0680%	1h	92.799	long leg	$193K	$229K	7x
Aftermath Perps HYPEUSD	−0.0263%	1h	92.908	+0.117%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.889	+0.097%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	+0.240%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.882	+0.089%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	+0.160%	$127K	$29K	5x	as long as short
Gate HYPE_USDT	0.0000%	4h	92.918	+0.128%	$44.7M	$53.7M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.993	+0.209%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.918	+0.128%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.946	+0.158%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	93.032	+0.251%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0031%	1h	92.910	+0.119%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	92.900	+0.109%	$316.3M	$282.4M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	92.906	+0.115%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.945	+0.157%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0078%	4h	92.906	+0.115%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDCshort	+0.0086%	4h	92.935	+0.147%	$4.9M	$29.6M	30x
Aster HYPEUSDT	+0.0088%	4h	92.932	+0.144%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.937	+0.148%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.934	+0.145%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.916	+0.126%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.948	+0.161%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	+0.076%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.945	+0.157%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.972	+0.186%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.947	+0.160%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.919	+0.129%	$373.7M	$904.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.924	+0.135%	$113.9M	$304.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.154%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.903	+0.112%	$87.6M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.914	+0.124%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.911	+0.121%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.920	+0.130%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.204%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.233%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	+0.139%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	+0.228%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	+0.199%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.953	+0.166%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.922	+0.132%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	+0.124%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.897	+0.105%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.901	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.909	+0.118%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.869	+0.076%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.907	+0.116%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.940	+0.152%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0163%	4h	93.082	+0.305%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.987	+0.203%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.378%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	+0.114%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.932	+0.144%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	+0.196%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.998	+0.214%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.990	+0.206%	$3.2M	$6.4M	20x	as long as short